When couples divide their assets, they may have to split several real estate properties. People may need to divide both their family home and any vacation or rental properties that they have.
There are several ways that people might deal with their real estate.
Purchase the other spouse’s share of the house
According to Nerd Wallet, people may decide that one spouse will retain ownership of the house. In this situation, one spouse may purchase the other’s share of the equity. People may also refinance the mortgage so that only one name is on the loan. This allows people to pay off their original mortgage while giving one spouse a new loan.
Put the house up for sale
Sometimes, the best situation may be for people to sell the house. This option allows them to divide the profit between them so that each spouse walks away with an equal share of the money. If couples have already experienced conflict as they divide their assets, selling the house allows both spouses to start their new lives with a new property.
Get an appraisal
Regardless of which option people choose, they should make sure they hire an appraiser. According to Homelight.com, an appraisal ensures that people understand the current value of the house. The home’s value determines the asking price if people put the house on the market. If one spouse wants to keep the house, the current value determines how much he or she will need to pay the other spouse. In some situations, spouses may each hire an appraiser. This may make it easier for people to reach an agreement about the house’s worth.
If people own more than one property, they may choose to sell these properties. They may also decide to divide them so that each spouse receives the same amount of equity.
